JACKSONVILLE AND PENSACOLA, FLA. — Walker & Dunlop Inc. has arranged two loans totaling $9.4 million for two apartment communities in Florida. The financing includes a $5.4 million loan for Mandarin Trace Apartments in Jacksonville and a $4 million loan for College Trace Apartments in Pensacola. Jeff Lawrence and Matt Baptiste of Walker & Dunlop arranged both fixed-rate loans with 15-year terms, three years of interest-only payments and 30-year amortization schedules. Walker & Dunlop arranged the loans on behalf of the borrower, Stonebridge Global Partners, a commercial real estate company focusing on acquiring and managing multifamily Section 8 housing projects across the United States.
Detroit is in a state of transition. It’s a process that has been simmering for some time, but really began in earnest about five years ago. This article discusses some of the property types, developments and neighborhoods that continue to reshape downtown Detroit and offers some insight into what the city might look like in five to 10 years. Fueled by a strengthening economy, there is an air of excitement in the Motor City, and the development climate is increasingly vibrant. The nexus of development and redevelopment activity is occurring in the same places — Downtown, Midtown, New Center — that were at the core of the city’s renaissance a century ago. In some respects, today’s Detroit is reinventing itself in the same way. Residential leads the way The foundation of Detroit’s development resurgence is residential growth. People are continuing to move to Detroit to work and to live — a trend that has accelerated dramatically in the last few years with downtown apartment buildings reporting upwards of 98 percent occupancy. It’s a phenomenon that shows no real sign of slowing down. It’s also an important and natural first phase. With residential comes the corresponding demand for dining, retail and …
NEW YORK CITY — Blesso Properties has acquired the Broad and Boerum Building, located at 525 Broadway in Brooklyn’s Williamsburg neighborhood. The asset sold for $32.8 million, or $173 per buildable square foot. Formerly a branch of Lincoln Savings Bank, the property consists of a 60,300-square-foot office building and a 13,000-square-foot parking area. The site offers 189,150 buildable square feet. Michael Amirkhanian and Brendan Maddigan of Cushman & Wakefield represented the seller, Broad and Boerum LLC, while Benjamin Shafran of Citicore represented the buyer in the transaction.
COVENTRY, R.I. — Fantini & Gorga has arranged $16 million in permanent financing for a recently renovated multifamily property in Coventry. The 15-year loan provided by regional financial institutions features a 3.75 percent fixed rate. Originally constructed from the 1850s to 1900, the property includes 140 apartment units, a fitness center, community room, game room, indoor basketball court, movie theater and outdoor courtyard with grill area. Mark Whelan of Fantini & Gorga secured the financing on behalf of the borrower, a long-term client of the firm.
BRANFORD, CONN. — O,R&L Commercial has brokered the sale of Northeast Technology Center, located at 15 and 35 Northeast Industrial Road in Branford. Situated on 5.6 acres, the asset consists of three interconnected R&D/flex buildings, totaling 97,000 square feet, on two separate tax lots. SH NETC Branford LLC acquired the property for $10.5 million from G+L 15 & 35 NE Industrial LLC. Tim McMahon, Rich Lee and Frank Hird of O,R&L represented the seller and procured the buyer in the transaction.
DEDHAM, MASS. — Savills Studley has brokered the sale of a 20,000-square-foot flex building located at 60 Stergis Way in Dedham. Needham, Mass.-based Fulcrum Real Estate Partners purchased the property for $2.2 million from Boston Irrigation Supply Co. The property is currently leased to John Deere Landscapes. Steve Woodworth of Savills Studley’s Boston office represented the seller in the transaction. The buyer was not represented.
WINCHESTER, MASS. — SVN | Parsons Commercial Group | BOSTON has brokered the sale of an office/flex property located at 29 East St. in Winchester. Little Flippers Swim School Inc. purchased the 18,000-square-foot property for $1.9 million from Devereaux Trust. The buyer plans to renovate the building to accommodate a year-round, indoor swim school for children. Marci Alvarado and Jake Parsons of SVN | Parsons Commercial Group | BOSTON represented the buyer, while Glenn Rhudda and John Webster of Mohr Partners represented the seller in the transaction.
MINNEAPOLIS — General contractor Doran Construction has begun construction on a $12 million renovation of the Depot Renaissance Hotel located in downtown Minneapolis. Owner CSM Corp. first developed the hotel, located at 225 3rd Ave South, in 2001. The renovation includes the demolition of a water park inside of the hotel that will make room for an additional 110 guest rooms, a fitness center and indoor pool. The project also includes adding a floor, making a total of six floors and 312 rooms in The Depot. In 2015, Doran is building several projects totaling more $190 million in new construction.
NILES, ILL. — Meridian Design Build has completed construction on a 306,448-square-foot automated package sortation and distribution center in Niles, 15 miles northwest of Chicago, for an undisclosed delivery service company. Scannell Properties was the project developer. The new build-to-suit facility is located on a 34-acre redevelopment site at the southeast corner of Howard Street and Lehigh Avenue. A majority of the project involved the demolition of multiple parking lots and an existing 756,000-square-foot industrial building. The facility features 101 loading docks, 562 auto parking stalls, 236 interior van-loading positions and 249 exterior trailer stalls. Additional construction included a freestanding 5,180-square-foot vehicle maintenance garage and 2,400-square-foot gateway security building. Precept Design provided architectural and structural design services. Spaceco Inc. completed civil engineering work.
CLEVELAND, OHIO — Friedman Integrated Real Estate Solutions will auction off a 41,780-square-foot retail center in Cleveland on Aug. 31-Sept. 2 on behalf of an undisclosed seller. Constructed in 1993, Brooklyn Centre is located at W. 25th St. and sits on a three-acre site. The property is 57 percent occupied. The center is comprised of three buildings, the largest of which is 29,780 square feet. The two smaller buildings are each 6,000 square feet. One building is divided for multi-tenant use and the other is configured for a single tenant. Tenants of the property include Rent-A-Center, CVS Pharmacy, America Cash Express and Cricket. Bidding for the Brooklyn Centre will start at $600,000, according to auction.com. Barry Swatsenberg and Rich Deptula of Friedman Integrated Real Estate Solutions are representing the seller. The auction will take place online at auction.com